The stock fell 2.4 percent to 84.60 zloty by the close in
Warsaw, the lowest since Sept. 5. Turnover stood at 111 percent
of the daily average from the past three months, data compiled
by Bloomberg show.

While coking coal prices are seen “bottoming in the fourth
quarter, we do not envisage a quick recovery to the levels”
seen in the first half of 2011, Leszek Iwaszko, an analyst at
Societe Generale in Warsaw, said in a research note. The bank
cut its price projection to 76 zloty from 84.5 zloty.

“Despite the recent underperformance of the JSW share
price, we think that the lower earnings outlook has not yet been
discounted by the market,” Iwaszko said.

The company, which plans to publish its third-quarter
results on Nov. 8, expects coal prices to stay “low” this
quarter and in 2013, Chief Executive Officer Jaroslaw Zagorowski
said on TVN CNBC on Oct. 19.